Global AI-Based Medical Imaging Market Grows Tremendously at a CAGR of 45.48%

Introduction

AI-based medical imaging is the application of AI in diagnostic medical imaging to detect abnormalities based on changes in imaging intensities or the appearance of unfamiliar patterns. Implementing AI-based medical imaging solutions across all imaging modalities and subspecialties expedites the processing and interpretation of images. AI-based medical imaging solutions are presently available as software tools or platforms for accurate and accessible disease screening and desired image clarity in less time, enhancing radiologists' workflow and efficiency.

Market Dynamics

Rise in Approved/Commercial AI-Based Medical Imaging Platforms Market Drives the Global Market

Under the current regulatory framework, there is a notable acceleration in FDA approvals for AI-assisted medical imaging diagnostics. The FDA has approved at least 16 AI-based applications. Since 2015, the number of approved AI-based devices has increased, with radiology approving a significant number of these devices. In May 2019, the FDA authorized Zebra Medical Vision's HealthPNX for use in radiology. Thus, the increase in FDA approvals for AI-based medical imaging products is expected to drive market growth over the forecast period.

Increasing Adoption of AI-based Medical Imaging in Developed Countries Creates Tremendous Opportunities

In the developed nations of North America and Europe, the adoption of medical imaging devices based on artificial intelligence is increasing. The rise in approval from regulatory bodies in developed nations also contributes to expanding the use of AI-based medical imaging devices. Since 2015, the number of AI-based medical imaging devices that have been approved has increased, with numerous radiology-approved devices. Imaging centers have reported a higher adoption rate of AI technology than hospitals in the United States.

According to a 2019 report, approximately 53% of healthcare workers anticipate using AI-based medical imaging in the future. In 2019, roughly 250,000 radiologists performed diagnostic imaging exams on patients in the United States alone. According to the US Bureau of Labor Statistics, the number of radiologists is projected to increase by 7% between 2019 and 2029, quicker than the average for all occupations. Therefore, the increasing work pressure has compelled radiologists to implement AI-based tools to automate some of their tasks and meet the rising demand for medical imaging services, thereby creating opportunities for market expansion.

Regional Analysis

North America is the most significant global AI-based medical imaging market shareholder and is estimated to exhibit a CAGR of 45.12% during the forecast period. In North America, the adoption rate of AI-based medical imaging solutions is high due to the increase in investments by large companies, public and private entities, the increase in partnerships and collaborations among vendors, the role of research institutes in the development of AI-based medical imaging, and the rise in hospital reimbursements. Thus, numerous radiologists and hospitals in the United States favor AI-based medical imaging software/applications.

A well-established healthcare system in the United States, which includes a reimbursement policy, also contributes to the widespread adoption of AI-based medical imaging solutions. The high participation of healthcare payers also propels the expansion of the AI-based medical imaging market in the United States. For instance, Medicare established a New Technology Add-on Payment (NTAP) in the Inpatient Prospective Payment System (IPPS) for the Viz LVO manufactured by the Viz.ai company.

Europe is expected to exhibit a CAGR of 43.93% over the forecast period. The regional market is expanding robustly, which is anticipated to continue throughout the forecast period. AI-powered medical imaging solutions can enable the region to undergo a medical revolution. In the past two years, European companies, research institutions, hospitals, and others have increased their collaborative efforts to develop AI-based medical imaging tools. Various governments have also provided substantial funding for this research. Despite this, several government-funded startups have developed a vast array of AI-based medical imaging tools/software utilizing deep learning technology. Large established companies have made substantial investments in collaborative research with academic and research institutions, hospitals, and research organizations to expand in this market.

Key Highlights

• The global AI-based medical imaging market was valued at USD 1,543.77 million in 2022. It is estimated to reach USD 45,062.18 million by 2031, growing at a CAGR of 45.68% during the forecast period (2023–2031).
• Based on technology, the global AI-based medical imaging market is bifurcated into deep learning, natural language processing, and others. The deep learning segment is the highest contributor to the market and is anticipated to exhibit a CAGR of 47.04% over the forecast period.
• Based on application, the global AI-based medical imaging market is segmented into neurology, respiratory and pulmonary, cardiology, breast screening, orthopedics, and others. The neurology segment is the largest revenue contributor to the market and is projected to exhibit a CAGR of 46.45% over the forecast period.
• Based on modalities, the global AI-based medical imaging market is bifurcated into Computed tomography (CT), MRI, X-rays, ultrasound, and nuclear imaging.The CT segment dominates the global market and is predicted to grow at a CAGR of 46.16% over the forecast period.
• Based on end-users, the global AI-based medical imaging market is bifurcated into hospitals, diagnostic imaging centers, and others. The hospitals segment owns the highest market share and is expected to exhibit a CAGR of 44.83% over the forecast period.
• North America is the most significant global AI-based medical imaging market shareholder and is estimated to exhibit a CAGR of 45.12% during the forecast period.

Competitive Players

1. General Electric
2. Siemens Healthineers
3. Koninklijke Philips
4. IBM Watson Health
5. EchoNous
6. Agfa-Gevaert Group/Agfa HealthCare
7. Arterys
8. Butterfly Network
9. Caption Health
10. CellmatiQ
11. dentalXrai
12. Avicenna.AI

Recent Developments

• May 2023- GE HealthCare announced the US FDA 510(k) certification of Precision DL. This new, revolutionary deep learning-based image processing software is part of GE HealthCare's expanding Effortless Recon DL portfolio.
• April 2023- Vuno, a medical artificial intelligence (AI) solutions provider, was granted an American patent for its AI-based medical image analysis technology.

Segmentation

1. By Technology
   1. Deep Learning
   2. NIP
   3. Others
2. By Applications
   1. Neurology
   2. Respiratory and Pulmonary
   3. Cardiology
   4. Breast Screening
   5. Orthopedic
   6. Others
3. By Modalities
   1. CT
   2. MRI
   3. X-RAY
   4. Ultrasound
   5. Nuclear Imaging
4. By End-User
   1. Hospitals
   2. Diagnostic Imaging Centers
   3. Others